This review of the literature presents the main tools and results of research at the crossroads between finance and macroeconomics. The literature seeks to jointly analyze the economic cycle and fluctuations in financial-asset prices.Our article follows this approach:we offer a critical analysis...

This paper shows that a neoclassical model with standard assumptions but endowed with an explicit age structure of the population, converges to its balanced growth path with damped oscillations. It therefore reproduces a trend-reverting process with short run fluctuations that is displayed by...

By its nature, bank money is endogenous, but its issuing is risky and presupposes the presence of banks' shareholders' funds. Shareholders' funds give banks the means of dealing with the difficulties involved in the process of money creation and which are inherent to the banking activity:...

There is a duality of money : it is endogenous and exogenous. Therefore it is important to distinguish between monetary creation and money supply. Buying and selling means the exchange of goods and debts, which is very different from barter. In doing so the economic agents are asked to take two...

There is not a single classical approach to the lender of last resort, but several classical approaches to the lender of last resort. They have been successively developed by Baring, Thornton, the Banking School, Bagehot and Hawtrey. If these approaches converge in stressing that the lender of...

Based on an interdisciplinary approach, this article aims at elucidating what can be called the nature of money. To define it, we first distinguish between the generic properties of every money and its different and non specifically monetary uses. Then currency is grasped through its three...

Based on an interdisciplinary approach, this article aims at elucidating what can be called the nature of money. To define it, we first distinguish between the generic properties of every money and its different and non specifically monetary uses. Then currency is grasped through its three...

Cet article part de l'idée que la souveraineté monétaire et la souveraineté politique ne doivent pas être confondues, mais que, pour autant, les principes d'organisation de la monnaie n’en doivent pas moins être cohérents avec ceux qui fondent la communauté politique. Ainsi,...

The rate-of-return-dominance puzzle asks why low-return assets, like fiat money, are used in actual economies given that risk-free higher-return assets are available. As long as this question remains unresolved, most conclusions from monetary models which arbitrarily restrict the marketability...

This paper uses a stylised asset-pricing model to show that sunspots may cause asset returns to be predictable, a widely documented feature of many speculative markets. This result parallels and extends previous works showing that sunspots render asset prices excessively volatile.